Japan’s TradeWaltz collaborates with MineHub to conduct trial on copper trade

Japanese blockchain trade consortium TradeWaltz has partnered with mining traceability firm MineHub to conduct a trial on copper trade executed by Sumitomo Corporation.

TradeWaltz’s blockchain network includes over 100 corporate members with the founders, including three major trade conglomerates, Toyota Tsusho, Mitsubishi Corp, and Kanematsu, as well as MUFG bank.

The initiative was started by NTT Data with the goal of digitizing Japanese import-export documentation.

Meanwhile, MineHub, a Canadian firm, focuses on the supply chain at an earlier stage, tracking metals and minerals from the point of extraction. Its solution was created with the goal of providing supply chain traceability that could be used for trade finance solutions. It has lately expanded to include carbon emissions tracking for ESG purposes.

While the Sumitomo copper trade was a verification test, TradeWaltz CEO Satoru Someya said he hopes to collaborate with MineHub to use it for live deals in the future.

MineHub raised CAD 10 million ($8 million) on the TSX Venture exchange six months ago, and it raised another CAD 3 million ($2.4 million) in a private placement earlier this month. BHP, Chinese Minerals, and Zijin Mining conducted a copper concentrate transaction on the business's platform last week, according to the company.